January 03, 2014

Yellen expected to get Senate confirmation today

The Senate today is poised to vote on the nomination of Federal Reserve Board Vice Chair Janet Yellen to succeed Ben Bernanke as chair.

Bernanke's term on the board ends Jan. 31. The Senate voted Dec. 20 to move forward on Yellen's nomination.

Testifying before the Senate Banking Committee in November, Yellen acknowledged the need for regulatory relief for small institutions, including credit unions. She noted that small institutions need to have a different regulatory model that is not as burdensome. She also said the advantages that big banks gain from being too big to fail need to be addressed.

Yellen met with NAFCU's board in December 2012 at Fed headquarters to discuss the association's 2012 Report on Credit Unions and issues of interest to both the Fed and credit unions.

If confirmed – which is likely – Yellen will be set to chair the Fed Board through January 2018.